Valeant slashed its full-year guidance and said it faces a debt default risk, causing the company's shares to plummet more than 40 percent Tuesday.

"We've all seen this movie before," the billionaire investor said.

"The company grew as a result of a roll-up strategy. They took a high-priced stock, bought a lot of businesses," Cooperman said, "The market now is struggling to figure out what the internal level of recurring earnings is. This company's faux pas here in misstatements or restatements are not generating any confidence."

Although Cooperman is a registered independent and won't be voting in Florida on Mega Tuesday, he made it clear that he isn't happy with the current state of the presidential election.

"I don't like what I see ... I'm not a fan of the two leading contenders for different reasons. The whole world has kinda got turned upside down," said Cooperman, adding that the uncertainty of the election is not helping the markets. Cooperman made it clear that he's not a fan of GOP front-runner, Donald Trump.

"Mitt Romney was one of the most qualified people to run for president. He was vilified for his wealth and success. Now, we have Mr. Trump telling everybody they're underestimating his wealth and his success and yet he's the front-runner," Cooperman said.

The investor takes issue with Trump's rhetoric and said that it's left him cold on the candidate.

"It's an issue of style basically and people accuse me of being bombastic, it's just his style, the way he has insulted people," he said.

Ultimately, in a head-to-head with Trump and Clinton, Cooperman would side with Clinton.

"Assuming Hillary moves to the center, Hillary is probably less risky," he said. However, Cooperman said that he still has substantial issues with Clinton, outside of her email controversy.

"She and her opponent Sen. Sander had no problems criticizing wealthy people," he said, adding that the current economic environment is not the fault of the 1 percent.

"We've had stagnant fiscal policy. The entire burden of dealing with this economic recovery has been placed on the shoulders of the Fed. The Fed felt that what they had to do was get the stock market up to create wealth," Cooperman said.

The billionaire investor added that he donated to the campaigns of Jeb Bush and Marco Rubio. Cooperman also said that he likes John Kasich, but has not contributed to his campaign.